PUBLISHED ON: September 29, 2003
The events of September 11, 2001 stunned the world. The loss of life was enormous.
The location of the attacks in New York caused major impacts to financial, legal and insurance-related businesses. Insurance can at least help soften the financial blow from these tragic attacks.
The economic losses from the attacks in New York, Washington, and Pennsylvania are staggering. Early estimates of financial losses at the World Trade Center alone were in the billions of dollars. Insurance industry estimates of losses are in the range of $25 to $40 billion, or more. Reinsurance recoveries (which strictly speaking should not be a policyholder's concern) are likely to be very difficult.